Which of the Following Best Describes Real-World U.S.markets

question 183

Multiple Choice

Which of the following best describes real-world U.S.markets?

• A)In most markets,the firms face steep demand curves for their output.
• B)They combine characteristics of monopolistic competition,oligopoly,and monopoly.
• C)Effective competition exists in only about 25 percent of those markets.
• D)The dominant share of U.S.manufacturing output is produced by firms with the power to vary their prices over a wide range.
• E)Perfect competition is useful as a model for very few U.S.markets.

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Definitions:

Terrane

A fragment of crustal material formed on, or broken off from, one tectonic plate and accreted or sutured to crust lying on another plate.

Subduction Zone

A region where subduction takes place, characterized by deep ocean trenches and volcanic activity.

Welded

The process by which materials are joined together through melting and cooling, often referring to the solidification of pyroclastic material in volcanic environments.

Accretion

The addition of tectonic terranes and other material to an existing landmass, usually along a convergent or transform plate boundary.